Mismanagement of the multi-million dollar salaries of professional athletes is unfortunately common, and a recent example is the case initiated by San Antonio Spurs center Tim Duncan against his financial advisor. The drastically quick wealth jump seen by professional athletes can result in a lack of knowlegde of financial management and full reliance on advisors, some of which are personal contacts that lack adequate knowledge in the area. Proper investing and advice is critical for professional athletes who have relatively short earning windows.
See, Parker Beauchamp, How Professional Athletes Can Avoid Becoming Another Statistic, Wealth Management, March 2, 2015.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
